Butterfield Bank yesterday plunged to its lowest level in almost 10 years, sending local stocks lower.

The Royal Gazette / Bermuda Stock Index fell to its lowest point since October 2000 and dipped below 2,000 points for the first time since last April. At the close of trading yesterday, the Index stood at 1,919.01, down 91.85 points, or 4.6 percent.

Butterfield fell 30 cents, or 9.1 percent, to close the week on $3, as 5,607 shares were exchanged in Bermuda Stock Exchange (BSX) trading.

Butterfield, which raised $200 million in a Government-guarateed preference share issuance last year to meet enhanced regulatory requirements for capital, has already seen its share price fall 23 percent this year.

Argus Group Holdings Ltd., which owns a seven-percent stake in Butterfield Bank, also plunged nine percent yesterday.

The insurer and investment company shed 80 cents to close the session on $8.10, as 10,600 of its shares changed hands.

Another stock to fall was Ascendant Group, parent company of electricity provider Belco, which dipped 50 cents, or 3.1 percent, to $15.50.

There was also substantial trading in communications company KeyTech Ltd., which remained unchanged on $8.80 after 14,500 shares changed hands.

BSX volume was 32,451 shares and turnover totalled around $254,000.